Bitcoin price breaks above $16000 for first time since January 2018

A visual representation of bitcoin with U.S. dollars.

studioEAST | Getty Images

Bitcoin briefly climbed above the $16,000 mark on Thursday, hitting a level not seen since January 2018.

The cryptocurrency’s price rose as high as $16,019 just after 5 a.m. ET, according to data from industry site CoinDesk. It was last trading more than 1% higher at $15,773.

The reason for the move wasn’t immediately clear, but it comes as a number of companies appear to be warming to crypto.

Last month, fintech giant PayPal announced it would add new features letting users trade bitcoin, ether, bitcoin cash and litecoin. By early 2021, the company also plans to let customers use crypto to shop with its network of 26 million retailers.

Meanwhile, Square said last month that it had bought $50 million worth of bitcoin. The U.S. fintech firm, which is run by Twitter CEO Jack Dorsey, has long offered crypto services to users of its popular Cash app.

Bitcoin, the world’s best-known and most valuable cryptocurrency, has more than doubled in price this year, a wild climb that’s reminiscent of its monster rally in late 2017 that saw it narrow in on the $20,000 mark.

Some crypto fans say it’s down to the unprecedented wave of stimulus from governments and central banks around the world aimed at tackling the coronavirus crisis. Such measures, they say, devalues fiat currencies, making bitcoin an attractive alternative.

Source link




Biden calls on Congress to reform gun laws on anniversary of Parkland shooting

President Joe Biden speaks as he meets with Senators from both parties in the White House on Feb. 11, 2021.Doug Mills-Pool/Getty ImagesPresident Joe...

Bodybuilding After 50: What to Know

If you’re thinking about bodybuilding, now may be a...

Pinterest, Snap, Peloton, Ford & more

Pedestrians pass in front of Pinterest signage displayed outside of the New York Stock Exchange.Michael Nagle | Bloomberg | Getty ImagesCheck out the...

LinkedIn topped $3 billion in ad revenue in last year

Recent data from LinkedIn shows the skills that are most in-demand as the labor market attempts to slowly regain its footing after the...